19 May : Retailers reveal

• The market showed positive movement Dow +34bps, S&P +94bps) with the tech sector outperforming.
• Rising yields didn’t significantly impact the market.
• Defensive sectors like real estate, staples, and utilities received funding.

Global:

• Alibaba faced challenges in domestic eCommerce and cloud business.
• Ross Stores was impacted by higher inflation, affecting consumer spending.
• Walmart (+10bps) reported solid numbers but noted a sequential slowdown.

• Farfetch (+18% after hours) saw improved performance in China, while Burberry faced a slowdown in the US.
• Grab Holdings (-15%) showed disappointing growth in food delivery and ride-hailing.
• Hang Seng underperformed due to Alibaba’s results

Local:

• Netcare’s operational performance slowed
• Investec had decent results
• Sanlam’s outlook was cautious, Dis-Chem’s earnings in line but with potential downside risks

• South African businesses are struggling with declining stock prices and rising leverage